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BankWest TeleNet Saver

BankWest TeleNet Saver

3.6 from 8 reviews

See the Best Savings Accounts in 2019 as rated by Australians on ProductReview.com.au.

Watch out for Telenet Saver

Bankwest advertises their telenet saver account with a bonus 1.5% for 4-6 months. They do not tell you it does not apply if you have ever had a telenet saver before - I had one in 2006 - I got a letter saying my account was now 2.7%, not 4.2% after I had transferred everything to Bankwest. Hidden in the Product Disclosure statement small print it says you must not have had a Telenet saver before - why not tell me when I opened the account - Good one Commonwealth Bank!

Good interest rate, safe place to keep money

I changed over to them as they offered a better interest rate and no fees and it has been a very convenient savings account ever since then. The signup was easy and didn't take up much time and the features have been useful. Rates have remained very competitive also which is very important
High interest rate, no fees, no minimum depost, simple sign up


They took so long to set up the account I decided not to stay with them. Am tired of apologies, and I had to really get on their case to get the problem fixed.The staff were really pleasant and apologetic- but there was a problem somewhere. They did make good on the interest lost by having money sitting in a low interest account waiting to be debited to the new account- necessary, because that is how they required the initial deposit to be made.
Not bad interest rate;long-lasting bonus rate.
The staff are appreciably more pleasant than average -could just be a reflection of WA culture.
Linked account can be with another institution- really convenient-limits account keeping fees and don't have to to move direct debits to new account.
Major unexplained stuff-up opening account- ended up taking 2 weeks instead of 2 days.
I think can only deposit via linked account-no direct deposit of salary or dividends-didn't stay with them long enough to bother to remember.


I switched to this savings account with Bankwest when the interest rate on offer for the first year was a healthy eight per cent. The rates have obviously dropped these days but the account was a really good interest earner when the rate was high. The rates on offer with this bank now are not as competitive as other internet savings accounts out there at the moment but the savings account wasn't too bad.
Previously had a very good competitive interest rate. Easy to manage online and good phone customer support.
The rates on offer today is not as good as other similar accounts out there.


If you are a Bankwest customer, this is an ideal account for somewhere to park your savings. With Bankwest's excellent online banking service, it's also easy to move money around into transaction accounts. But if you normally bank elsewhere, you'd be getting better value by searching for the true interest rates of different online savings accounts.The headline rate is not always what it seems.
This was the best online savings account for a long time, with high interest rates and the usual Bankwest introductory bonus offer.
The headline interest has just become gimmicky, and I found with frequent increases or decreases in rates led to a confusing mix of rates on different amounts you might have in there.


Bank West’s telenet saver is one of the very attractive online saving accounts on the market. First of all it consistently gives competitive interest rates. In addition, it allows a link to any transaction account in any other bank. Furthermore, unlike CBA’s NetBank Saver or NAB’s iSaver, this account has capability for future dated transaction. Therefore, I can comfortably schedule a future-dated payment from my transaction account which has zero balance as long as I simultaneously schedule a future funds transfer from my telenet saver to my transaction account.
Competitive interest rate with no maintenance fee
Can be linked to any transaction account, including non Bank West transaction account
Funds transferred out to the linked transaction account in Bank West, such as Hero, are immediately available for withdrawal.
Allow future-dated transfer
Nothing in particular


BankWest is a great online savings account. It provides a High Interest Online savings account. It's website is very easy to use. Its Call centre's are very friendly and helpful
No Fees, High Interest Rate, Great Customer Service, Owned by CBA (very secure)
Interest Rate isn't as high as other accounts


A typical online savings account. Telenet Saver used to pay the highest rate on the market, but that has changed after Commonwealth Bank bought Bankwest. You can find alternative accounts that pay better.
Pays you higher interest than standard Reserve Bank cash rate. No fees, no minimum deposit. Online facility is easy to use. Prompt fund transfer.
No security token, so only login/password used. This could be a pro for people who prefer convenience to security though. Has no ATM access, so if you want to use the cash you have to transfer funds out of it into your linked account.

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